• Bitcoin (BTC) may fall to the downside due to the current market movement.
• The king coin is likely to resume a downtrend if it crosses below the 9-day moving average.
• Bitcoin (BTC) is trading above the 9-day and 21-day moving averages as the king coin trades around $22,602.
The Bitcoin price prediction shows that the crypto-asset is likely to go below the 9-day moving average with the daily low at the $22,000 level. At the time of writing, the Bitcoin price is trading up with a loss of 0.15% at its current price of $22,602. However, the current market movement could mark a slight decline and the coming days may bring the price to the downside.
The king coin is likely to face a prolonged sideways move or head toward the south if the bulls fail to break above the upper boundary of the channel. Moreover, Bitcoin (BTC) could slide below the 21-day moving average if the bears bring the price toward the south any further. Although the bearish pressure may bring the price back to the downside, it is expected that the buyers will soon take control of the market and push the price up again.
The market capitalization of Bitcoin (BTC) is currently around $436.2 billion, with a circulating supply of 19.2 million coins, and a total supply of 19.2 million coins. The king coin is currently ranked #1 on Coinmarketcap. On the other hand, the Bitcoin (BTC) long-term trend is currently ranging (on the daily chart). The key levels to watch are the resistance levels of $27,000, $29,000, and $31,000, while the support levels are $19,000, $17,000, and $15,000.
Overall, the Bitcoin price prediction shows that the king coin is likely to remain in range-bound trading as the bulls and the bears battle for dominance. The currency may fall to the downside due to the current market movement, and it is expected that the buyers will soon take control of the market and push the price back up again.